APPLE'S share price was down as much as five percent as worldwide expectations the firm was about to release the iPhone 5 proved false.
In fact the long-awaited press conference saw the mega-company merely unveiling a tweaked version of the iPhone 4 – which left industry experts, Wall Street, and consumers alike underwhelmed.
Tech websites had been red-hot for weeks believing the launch of iPhone 5 was imminent but it turned out to be the the iPhone 4S.
However, at a presentation at Apple headquarters in Cupertino, California, Phil Schiller, Apple's marketing chief, said: “Don't be deceived because inside it is all new.”
But that didn't stop Apple's share price falling19.25 to $356.14 at one stage.
Responses to the launch included:
CCS Insight - "disappointing update other than aggressive price changes, leaving Apple exposed to rival products in mature markets. Will need iPhone 5 in early 2012 to remain competitive." Colin Gillis, an analyst at BGC Partners - "It's been 16 months and all you've got is an A5 processor in the existing iPhone 4. It's a mild disappointment, but they're still going to be selling millions of units."
Mashable.com -”'Is that all there is? I guess we have to readjust expectations.”
The casing and Retina screen remain the same on the iPhone 4S but upgrades from the old phone include:
A dual core A5 processor like the one in iPad 2
An eight-megapixel camera and full 1080p HD
A new 'artificially intelligent' assistant called Siri which allows users to 'talk' to their iPhone using everyday language. Users could ask 'What is the forecast today?' to get the weather forecast.
Battery improved to a reported 8 hours talk time.